DOCSLIB.ORG

FINANCIAL REPORT for the Fiscal Years Ended June 30, 2019 and 2018

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
FINANCIAL REPORT for the Fiscal Years Ended June 30, 2019 and 2018 2018-19 COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Years Ended June 30, 2019 and 2018 Sacramento, California Sacramento County Employees’ Retirement System COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Years Ended June 30, 2019 and 2018 Issued By: Eric Stern Chief Executive Officer Debbie Chan, CPA, CGMA Senior Accounting Manager SACRAMENTO COUNTY EMPLOYEES' RETIREMENT SYSTEM 980 9th Street, Suite 1900 Sacramento, CA 95814 www.SCERS.org TABLE OF CONTENTS Section 1: Introductory Letter of Transmittal 6 Certificate of Achievement for Excellence in Financial Reporting 11 Board of Retirement 12 Organization Chart 13 Participating Employers 14 Professional Consultants 15 Section 2: Financial Independent Auditor’s Report 18 Management’s Discussion and Analysis - Required Supplementary Information 22 Basic Financial Statements Statements of Fiduciary Net Position - Pension Trust Fund 30 Statements of Changes in Fiduciary Net Position - Pension Trust Fund 31 Statements of Fiduciary Net Position - Agency Fund 32 Notes to the Basic Financial Statements 33 Required Supplementary Information Schedule of Changes in Net Pension Liability and Related Ratios 76 Schedule of Employer Contributions 77 Schedule of Annual Money-Weighted Rate of Return 77 Notes to Required Supplementary Information 78 Other Supplemental Information Schedule of Administrative Expenses 81 Schedule of Investment Fees and Expenses 81 Schedule of Payments to Consultants 81 Statements of Changes in Assets and Liabilities - Agency Fund 82 Section 3: Investment Chief Investment Officer’s Report 86 Asset Allocation 96 Investment Results 97 Summary of Investment Assets 99 Schedule of Manager Fees 100 Schedule of Equity Brokerage Commissions 100 Ten Largest Stock Holdings (by Fair Value) 101 Ten Largest Bond Holdings (by Fair Value) 101 Investment Professionals 102 TABLE OF CONTENTS (CONTINUED) Section 4: Actuarial Actuarial Certification Letter 106 Summary of Actuarial Assumptions and Methods 109 Summary of Plan Provisions 112 Schedule of Active Member Valuation Data 115 Retirees and Beneficiaries Added to and Removed from Retiree Payroll 116 Schedule of Funding Progress 117 Schedule of Funded Liabilities by Type 118 Actuarial Analysis of Financial Experience 119 Probabilities of Separation Prior to Retirement: Mortality Rate 120 Disability Rate 120 Withdrawal Rate with Less than Five Years of Service 121 Withdrawal Rate with Five or More Years of Service 121 Section 5: Statistical Summary of Statistical Data 124 Schedule of Additions by Source 125 Schedule of Deductions by Type 125 Schedule of Administrative Expenses 126 Schedule of Changes in Fiduciary Net Position 127 Schedule of Employer Contribution Rates 128 Schedule of Benefits Paid and Withdrawals by Type 129 Schedule of Distribution of Retired Members and Beneficiaries by Type and by Monthly Amount 130 Schedule of Retired Members by Type of Benefit 131 Schedule of Average Benefit Payments (Based on Years of Credited Service) 132 Schedule of Average Benefit Payments (Based on Years Since Retirement) 133 Changes in System Membership 134 System Membership at a Glance 134 Schedule of Participating Employers and Active Members - Summary 135 Schedule of Participating Employers and Active Members - Detail 136 SECTION 1 INTRODUCTORY LETTER OF TRANSMITTAL Executive Staff Eric Stern Chief Executive Officer Steve Davis Chief Investment Officer Stephen Lau General Counsel Stephen Hawley Chief Strategy Officer Mario Sierras Chief Benefits Officer December 6, 2019 Board of Retirement Sacramento County Employees’ Retirement System 980 9th Street, Suite 1900 Sacramento, CA 95814 Dear Board Members: As Chief Executive Officer of the Sacramento County Employees’ Retirement System (SCERS or the System), I am pleased to present this Comprehensive Annual Financial Report (CAFR or the Report) for the fiscal years ended June 30, 2019 and 2018 The System SCERS is a cost-sharing multiple-employer public employee retirement system, enacted and administered in accordance with the provisions of the County Employees Retirement Law of 1937 (California Government Code Section 31450, et seq ) (1937 Act) and the California Public Employees’ Pension Reform Act of 2013 (PEPRA) Since its establishment by the Sacramento County Board of Supervisors in 1941, SCERS has provided retirement, disability, and survivors’ benefits to eligible participants of the System Under Article XVI, Section 17 of the Constitution of the State of California, the SCERS Board of Retirement (the Board) is vested with plenary authority and fiduciary responsibility for the investment of monies and the administration of the System Together, the provisions of the State Constitution and the 1937 Act establish SCERS as a separate and independent governmental entity from the public employers that participate in SCERS At June 30, 2019, the County of Sacramento (and its Elected Officials); Superior Court of California, County of Sacramento; and nine Special Districts participated in SCERS The Comprehensive Annual Financial Report Responsibility for both the accuracy of the data and the completeness and fairness of the presentation in this CAFR rests with the management of the System To the best of management’s knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the System I trust that readers of this Report and participants of the System will find this information helpful in understanding SCERS and its commitment to financial integrity and participant service 6 | Introductory Introductory Section Section | 6 LETTER OF TRANSMITTAL (CONTINUED) Accounting System and Reports Management of SCERS is responsible for establishing and maintaining internal controls designed to ensure that the System’s assets are protected from loss, theft, or misuse Responsibility for the accuracy, completeness, and fair presentation of information, and all disclosures in this CAFR and in the System’s records, rests with SCERS’ management Brown Armstrong Accountancy Corporation, a certified public accounting firm, has audited the financial statements and related disclosures The financial statement audit provides reasonable assurance that SCERS’ financial statements are presented in conformity with accounting principles generally accepted in the United States and are free from material misstatements The internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met The concept of reasonable assurance recognizes that: (1) The cost of a control should not exceed the benefits likely to be derived; and (2) The assessment of costs and benefits requires estimates and judgments by management This report has been prepared in accordance with generally accepted accounting principles (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB) GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of management’s discussion and analysis (MD&A) This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it The System’s MD&A can be found immediately following the independent auditor’s report Investments – General Authority and SCERS Article XVI, Section 17 of the Constitution of the State of California provides that “…notwithstanding any other provisions of law or this Constitution, the Retirement Board of a public pension or retirement system shall have plenary authority and fiduciary responsibility for investment of monies and administration of the system…” Article XVI, Section 17(a) further provides that “…the Retirement Board of a public pension or retirement system shall have sole and exclusive fiduciary responsibility over the assets…” SCERS maintains an overall investment policy designed to achieve a diversified investment portfolio An integral part of the investment policy is the strategic asset allocation, which is designed to provide an optimal mix of asset classes with return expectations that correspond to expected liabilities The strategic asset allocation also emphasizes maximum diversification of the portfolio to protect the System from the possibility that a particular asset class may experience poor investment performance in a given period The current strategic asset allocation model was established as a result of an asset allocation study conducted in the 2016-17 fiscal year SCERS’ strategic asset allocation views risk exposures through multiple lenses, including functional and common factor exposures, in order to manage and maintain allocations that are aligned with SCERS’ investment philosophy and objectives This multiple lens approach uses a functional framework to group and classify segments of SCERS’ portfolio in order to link segments that are exposed to similar economic environments and risk factors, and which would be expected to have similar roles and outcomes in a portfolio The functional grouping takes a simplified approach at the asset category level, by breaking the portfolio into four asset categories, with greater complexity reserved at the asset class level The asset categories include: (1) Growth, (2) Diversifying, (3) Real Return, and (4) Opportunities SCERS’ strategic asset allocation is a more risk balanced portfolio than the prior policy portfolio with a similar expected return profile, but with lower expected volatility (standard deviation),
Load more

Recommended publications
  • The Mergers & Acquisitions Review
    The MergersAppendix 1 & AcquisitionsABOUT THE AUTHORS Review THOMAS SACHER Ashurst LLP Thomas Sacher is a partner at NinthAshurst LLP Edition since 1 July 2015. From 1986 through June 2015 Thomas Sacher was a member and, from 1992 through June 2015, partner of another German law firm. He studied law at the universities of Munich and Regensburg and received admission to the Bar in 1986.Editor In 1990 he received a PhD (Dr jur) from the University of Regensburg. Mark Zerdin Dr Sacher specialises in the areas of M&A, private equity and venture capital. He advises his national and international clients in a variety of corporate law matters related to domestic and cross-border transactions and provides legal advice on transformations, mergers, formation of joint ventures, stock option plans and other corporate transactions. ASHURST LLP Ludwigstraße 8 80539 Munich Germany Tel: +49 89 24 44 21 100 Fax: +49 89 24 44 21 101 [email protected] www.ashurst.com Law Business Research 857 The Mergers & Acquisitions Review The Mergers & Acquisitions Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Mergers & Acquisitions Review - Edition 9 (published in August 2015 – editor Mark Zerdin) For further information please email [email protected] The Mergers & Acquisitions Review Ninth Edition Editor Mark Zerdin Law Business Research Ltd PUBLISHER Gideon Roberton BUSINESS DEVELOPMENT MANAGER Nick Barette SENIOR ACCOUNT MANAGERS Katherine Jablonowska, Thomas Lee, Felicity Bown ACCOUNT MANAGER Joel Woods PUBLISHING MANAGER Lucy Brewer MARKETING ASSISTANT Rebecca Mogridge EDITORIAL COORDINATOR Shani Bans HEAD OF PRODUCTION Adam Myers PRODUCTION EDITOR Anna Andreoli SUBEDITOR Hilary Scott MANAGING DIRECTOR Richard Davey Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK © 2015 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply.
    [Show full text]
  • Gategroup Acquired by RRJ Capital (UPDATED)
    gategroup acquired by RRJ Capital (UPDATED) By Rick Lundstrom on March, 29 2019 | Partnerships, Collaborations & Acquisitions gategroup Holding AG announced today that RRJ Capital has agreed to purchase all outstanding shares in gategroup from HNA Group. Upon completion of the transaction, RRJ Capital will become gategroup’s sole shareholder and Temasek would remain invested in gategroup through a mandatory exchangeable bond. The transaction is expected to happen in April. "Today marks another milestone for RRJ Capital and Temasek and is a natural next step following from our initial investment in the company in 2018,” said Richard Ong, Founder and Chairman of the RRJ Capital and member of gategroup’s Board of Directors. “Over the past three years gategroup has, thanks to its strong management team, made swift progress on the implementation of their successful Gateway 2020 Strategy. We look forward to supporting their growth aspirations.” RRJ Capital is an investment firm that focuses on long-term private equity investments. RRJ manages approximately US$11 billion in funds, with portfolio companies in Asia, Australia, Europe and the United States. RRJ is based in Singapore and Hong Kong. “We are absolutely delighted to work with RRJ Capital and Temasek going forward as they contribute their expertise, network and growth track record to gategroup,” said Xavier Rossinyol, CEO of gategroup. “We are pleased that two reputed global investors have recognized the value in gategroup and our future growth potential. gategroup has made significant progress thanks to the excellent support of the HNA Group leadership team and the guidance of Chairman Adam Tan. “We are grateful for their support in progressing our Gateway 2020 strategy which we defined in 2015 and has allowed us to achieve exceptional performance for the fourth consecutive year, including an all-time high in revenue and EBITDA in 2018.” UPDATE - April 4, 2019: gategroup Holding AG announced that RRJ Capital has completed the acquisition of all outstanding shares in gategroup from HNA Group.
    [Show full text]
  • Powered by People UOB’S Wee Yap Yeo on SE Asia Mezzanine Strategy Asian Regulators, Vcs Grapple with the Crowdfunding Phenomenon? Page 7 Page 15
    Asia’s Private Equity News Source avcj.com September 16 2014 Volume 27 Number 34 EDITOR’S VIEWPOINT The uncertain world of China short-selling Page 3 NEWS Ardian, Baidu, Baring, Fosun, Gobi, KKR, Macquarie, MSPEA, Redbright, Partners Group, Permira, PEP Page 4 FUNDS Leapfrog raises $400m financial services fund Page 12 DEAL OF THE WEEK Standard Chartered taps chemical tanker demand Page 13 INDUSTRY Q&A Powered by people UOB’s Wee Yap Yeo on SE Asia mezzanine strategy Asian regulators, VCs grapple with the crowdfunding phenomenon? Page 7 Page 15 FOCUS DEAL OF THE WEEK Shop till they drop? Service with a smile Alibaba, Rocket and online retail overseas Page 10 Mekong makes 9x on Vietnam dining deal Page 13 Private Equity & Venture Forum Taiwan 2014 20 November • Westin Taipei GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Join the leading private equity Simultaneous translation is available conference in Taiwan! 活動全程提供 中英文同傳。 reasons to attend 5 : Gain insights from the world’s leading private equity firms and local market leaders Network and collaborate with like-minded industry professionals Understand latest policy developments and the impact on your business Explore the hot sectors with senior industry practitioners Examine the implications of the latest and future industry trends BY TYPE OF COMPANY BY TITLE BY COUNTRY China Managing Director / 3% Partner / CFO, GPs 22% Hong Kong LPs 12% Principal / VP / Japan Associate, 1% 50% Director / GM / Taiwan Chief Rep., 80% 19% Limited General Chairman / CEO / President, Singapore Partners,
    [Show full text]
  • Dealflow Report the NEWS, INFORMATION, and ANALYSIS of SMALL CAP EQUITY FINANCE Volume I, No
    dealflow report THE NEWS, INFORMATION, AND ANALYSIS OF SMALL CAP EQUITY FINANCE Volume I, No. 38 report.dealflowmedia.comreport.dealflow.com October 8, 2012 SMALL CAP MARKETS SMALL CAP FINANCING PICKED • The small cap financing market picked up in the third quarter. UP IN THIRD QUARTER AS • China’s agreement with the PCAOB may not VOLATILITY DECLINED boost investment. by Dan Lonkevich • An SEC commissioner called for a Small cap and microcap financing activ- markets at Roth Capital Partners in New- comprehensive review of regulatory structure ...2 ity picked up in the third quarter as a less port Beach, Calif. “There’s a slight uplift • Sun River reached a settlement with three volatile stock market helped companies to from issuer stock prices. When they feel investors who accused it of fraud ........................3 feel better about their valuations. better about their stock price, they’re more Publicly traded companies made at least willing to do deals.” DATES & DEADLINES 246 private placements of equity in the Roth Capital helped arrange six PIPEs • A listing of important events coming up in the quarter, raising $11.2 billion. It was the worth $68.8 million in the third quarter. small cap financing market ...............................4 most active third quarter for the PIPE mar- Concerns about the upcoming presi- ket since 2008. dential election and uncertainty about how PIPEs In 2011’s third quarter, there were only the results might affect their businesses is • BioFuel Energy may need to raise capital ...........6 227 PIPEs that raised $11 billion. causing many companies to take advantage • Antares Pharma raised $50M for an arthritis The data excludes PIPEs that raised less of the recent uptick in their stock prices to drug ........................................................................6 than $1 million and transactions by for- raise capital now rather than waiting, Gure- • Cantor is providing a $45M ATM for Unilife .......7 eign companies that weren’t listed on U.S.
    [Show full text]
  • The Preqin Quarterly Update: Private Equity
    Q1 2013 The Preqin Quarterly Update: Private Equity Content Includes: Fundraising We review the latest fundraising figures, including regional breakdown, time spent on the road, and the largest funds to close in the quarter. Investors We take a look at investor appetite for private equity in the year ahead, including geographies and strategies to be targeted. Buyout Deals We examine private equity buyout deals and exits in Q1 2013 by type, value and region. Venture Capital Deals We provide a breakdown of the latest venture capital deal activity by value, region and stage. Performance We analyze the latest performance data for private equity funds, featuring dry powder figures, IRRs by fund type and vintage and the PrEQIn Private Equity Quarterly Index. alternative assets. intelligent data. The Preqin Quarterly Update: Private Equity, Q1 2013 Download Data Foreword Private equity fundraising in the fi rst quarter of 2013 was relatively robust, with 130 funds closed having raised an aggregate $67.2bn. However, in an increasingly competitive fundraising market – 1,906 funds are in market as of the start of Q2 2013 – many LPs are choosing to invest in funds raised by more established managers. First-time funds that closed in Q1 2013 secured just $4.2bn in aggregate capital, compared to the peak of $31.6bn in Q2 2008. However, Preqin’s interviews with private equity investors in December 2012 reveal that investor attitudes towards fi rst-time fund managers are more positive moving forwards; half of LPs interviewed will consider committing to fi rst-time funds or those managed by spin-off teams in the following 12 months.
    [Show full text]
  • PE & QSR: Ambition on a Bun Asian Venture Capital Journal | 06
    PE & QSR: Ambition on a bun Asian Venture Capital Journal | 06 November 2019 Many private equity investors think they can make a fast buck from fast dining, but rolling out a Western-style brand in Asia requires discipline on valuation and competence in execution Gondola Group was among the last remaining assets in Cinven’s fourth fund, and as one LP tells it, exit prospects were uncertain. The portfolio company’s primary business was PizzaExpress, which had 437 outlets in the UK and a further 68 internationally as of June 2014. Expansion in China by the brand’s Hong Kong-based franchise partner had been measured, with about a dozen restaurants apiece in Hong Kong and the mainland. Cinven wasn’t willing to be so patient. In May 2014, Gondola opened a directly owned outlet in Beijing – as a showcase of what the brand might achieve in China when backed by enough capital and ambition. Two months after that, PizzaExpress was sold to China’s Hony Capital for around $1.5 billion. By the start of the following year, Cinven had offloaded the remaining Gondola assets and generated a 2.4x return for its investors. The LP was “pleasantly surprised” by the outcome. Hony’s experience with the restaurant chain hasn’t be as fulfilling. Adverse commercial conditions in the UK – still home to 480 of its approximately 620 outlets – has eaten into margins and left PizzaExpress potentially unable to sustain an already highly leveraged capital structure. Hony is considering restructuring options for a GBP1.1 billion ($1.4 billion) debt pile.
    [Show full text]
  • The Next Big Thing AVCJ RESEARCH Vcs Want to Help Firms Collect Big Data and Show Them How to Use It Page 6 Data F Ile Page 11
    Asia’s Private Equity News Source avcj.com March 03 2015 Volume 28 Number 08 EDITOR’S VIEWPOINT Investors flock to join China VC gold rush Page 3 NEWS Accel, AlpInvest, Alibaba, Carlyle, CLSA, Cool Japan Fund, CPPIB, CVC, GGV, GIC, Goldman Sachs, KKR, LACERA, Matrix, Navis, Northstar, OTPP, PEP, Sumitomo Mitsui, TPG Page 4 FUNDS Shunwei broadens scope by entering RMB space Page 9 LP INTERVIEW Arizona PSPRS’ patient approach to Asia PE Page 10 The next big thing AVCJ RESEARCH VCs want to help firms collect big data and show them how to use it Page 6 Data f ile Page 11 DEAL OF THE WEEK FUNDS Therapeutic returns Bigger and better? Bain targets Japan hot spring phenomenon Page 8 Baring Asia closes Fund VI at bumper $3.9b Page 9 EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Venture in bloom Holden Mann (852) 3411 4964 Creative Director FLIPPING THROUGH THE PAGES OF A billion, is a good example. Asia is no stranger Dicky Tang men’s magazine in an airport lounge, I can’t help to the VC mega-deal, however, India’s FlipKart , Designers but notice that double-breasted suits being which is said to be eyeing a $1.7 billion round of Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow hailed as one of the next big trends in menswear. funding, is valued at $15 billion, while in China Yes, the Gordon Gekko look, with some updates, smart phone maker Xiaomi (which is profitable), Senior Research Manager is back.
    [Show full text]
  • PEI: Harvesting New Opportunities
    Harvesting new opportunities Editor’s Letter Agri-investing becomes more diverse The world in agri A snapshot of recent news Fresh pastures What is the role of PE in agri? Data snapshot Institutional investor activity and M&A deal flow Cream of the crop Why are institutional investors still on the sidelines? Editor’s Letter Agriculture’s yellow brick road he rationale for investing in agriculture leaving little downside risk in the face of low and related businesses can be read on demand; he later joked “trees don’t read the Wall Tthe pages of an increasing number of Street Journal”! newspapers, whitepapers and research documents With an increasing number of ways to get as the implication of limited land resources and a exposure to agriculture (and let’s not forget growing world population becomes clearer. investors still make good use of public equities, Food security is a term on the lips of many too), management firms now need to educate, diplomats as it is predicted that agriculture educate, educate. Many institutional investors have production will need to grow by 60 percent by made allocations to the asset class in some way but 2050 to meet global demand, according to FAO. a good number remain on the side-lines waiting for This makes investment into land not the only an opportunity that suits them. Lacking familiarity attraction; the businesses, technology and services with the asset class among investment board that are needed to improve the productivity of the members is a big problem (see page 11). industry as whole are also increasingly in view.
    [Show full text]
  • Oregon Investment Council
    Oregon Investment Council March 05, 2014 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Dick Solomon Chair John Skjervem Chief Investment Officer Ted Wheeler State Treasurer OREGON INVESTMENT COUNCIL 2014 Schedule Meetings Begin at 9:00 am PERS Headquarters Building 11410 S.W. 68th Parkway Tigard, OR 97223 Wednesday, January 29, 2014 Wednesday, March 5, 2014 Wednesday, April 30, 2014 Wednesday, May 28, 2014 Wednesday, July 30, 2014 Wednesday, September 24, 2014 Wednesday, November 5, 2014 Wednesday, December 3, 2014 OREGON INVESTMENT COUNCIL Agenda March 5, 2014 9:00 AM PERS Headquarters 11410 S.W. 68th Parkway Tigard, OR 97223 Time A. Action Items Presenter Tab 9:00-9:05 1. Review & Approval of Minutes Dick Solomon 1 January 29, 2014 Regular Meeting OIC Chair Committee Reports John Skjervem Chief Investment Officer 9:05-9:50 2. International Micro Cap Mike Viteri 2 OPERF Public Equity Senior Investment Officer Allen Pu Dimensional Fund Advisors Senior Portfolio Manager International Micro Cap Value Joe Young Vice President EAM Investors Travis Prentice International Micro Cap Growth CEO & Chief Investment Officer Jim Callahan Callan Associates 9:50-10:35 3. OPERF Private Equity Review & 2014 Plan Sam Green 3 Investment Officer David Fann Tom Martin TorreyCove Capital Partners 10:35-10:45 -------------------- BREAK -------------------- Dick Solomon Katy Durant Rukaiyah Adams Keith Larson Ted Wheeler Paul Cleary Chair Vice-Chair Member Member State Treasurer PERS Director OIC Meeting Agenda March 5, 2014 Page 2 10:45-11:00 4. Proxy Voting Annual Review & Update Mike Viteri 4 Bob McCormick Chief Policy Officer, Glass Lewis & Co.
    [Show full text]
  • Semi‐Annual Board Update
    Semi‐Annual Board Update For the period ending June 30, 2020 Report Prepared For: Table of Contents I. Overview ................................................................................................................................................. 1 Portfolio Performance Assessment ................................................................................................. 1 Portfolio Performance vs. Benchmarks ........................................................................................... 2 II. Market Overview .................................................................................................................................... 3 Executive Summary .......................................................................................................................... 3 Capital Markets Overview ................................................................................................................ 5 Public Equity Markets ...................................................................................................................... 5 Debt Markets ................................................................................................................................... 7 Private Equity Market Overview ...................................................................................................... 8 Dry Powder ....................................................................................................................................... 8 Private Equity Performance
    [Show full text]
  • The Role of SWF Investment As Strategic Private Equity
    Patrick J. Schena Adjunct Assistant Professor, Fletcher School, Tufts University Senior Fellow and Co-Head, SovereigNet, Fletcher School, Tufts University. Financing the expansion of global energy: the role of SWF investment as strategic private equity Sovereign Wealth Funds 2013 Financing the expansion of global energy: the role of SWF investment as strategic private equity 77 8. Financing the expansion of global energy: the role of SWF investment as strategic private equity 8. FINANCING THE EXPANSION OF GLOBAL ENERGY: THE respect to the enormity of the overall scale. Whether McKinsey ROLE OF SWF INVESTMENT AS STRATEGIC PRIVATE Global Institute, who estimates the power component of EQUITY 1 cumulative global infrastructure investment to be close to $10 trillion by 2030, or the International Energy Agency 4, who Introduction estimates cumulative upstream oil and gas investment at $15 trillion by 2035 5, the scale of future energy investment is well By any measure, the role of the energy sector in any economy has beyond the capacity of the private sector alone to fund. Rather strategic implications for both economic development and global energy investment necessarily requires active state national security. Countries that are predominantly or rapidly engagement to facilitate scalability, insure geostrategic access, emerging energy consumer nations struggle to sustain economic transcend investor horizons, and mitigate geopolitical risk. growth, while insuring adequate access to future energy sources. In many such countries, the energy sector is controlled or Given the transitional nature of global energy sourcing and the dominated by state-owned or government-linked corporations, tight link between energy use and economic development, long- further adding to the complexity of strategic sourcing.
    [Show full text]
  • China Logistics Property Holdings Co., Ltd PROPOSED GRANTING
    288652 \ (China Logistics) \ 25/04/2017 \ M51 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult a stockbroker or other registered dealer in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in China Logistics Property Holdings Co., Ltd, you should at once hand this circular, together with the enclosed form of proxy, to the purchaser or the transferee or to the bank, stockbroker or other agent through whom the sale was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. China Logistics Property Holdings Co., Ltd (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1589) PROPOSED GRANTING OF GENERAL MANDATES TO REPURCHASE SHARES AND TO ISSUE NEW SHARES AND PROPOSED RE-ELECTION OF THE RETIRING DIRECTORS AND NOTICE OF THE ANNUAL GENERAL MEETING A notice convening an annual general meeting of China Logistics Property Holdings Co., Ltd to be held at Aberdeen Room, 3/F, JW Marriott Hong Kong, Pacific Place, 88 Queensway, Admiralty, Hong Kong on Thursday, 8 June 2017 at 3:00 p.m.
    [Show full text]